Impact investing has been defined as investments into companies, organizations and funds with the intention to generate social and environmental impact alongside a financial return. By its very nature impact investing contains complicated relationships with actors with different interests, constraints, different stakeholders, motivations, accountability structures, objectives etc. Given these dynamics, impact investing is an interesting and attractive area to study collaborative governance and collective action. Collective action is the idea that groups of individuals with common interests are expected to act in a way that furthers that common interest while collaborative governance seeks to accomplish public purposes which could not otherwise be accomplished though the constructive engagement of people across boundaries of public agencies, levels of government as well as the private and civic spheres. The problem that this study seeks to resolve is that impact-investors in emerging public markets report poor collaboration with other economic and social sectors due to a lack of collaborative governance among stakeholders. The purpose of this qualitative, multiple case study is to document and describe the insights of subject matter experts (SMEs) on building effective collaborative governance among impact investment stakeholders in Mexico. A multiple-case study qualitative research design was used to satisfy the goal of this qualitative case study research on building effective collaborative governance among impact investment stakeholders in Mexico. The units of analysis were subject matter experts meeting the following inclusion criteria: 1) adult over the age of 25; 2) a practitioner or academic expert in the field of impact investment; 3) possess expert knowledge in regard to collaborative governance, impact investing, and/or collaborative governance in Mexico’s impact investing industry. The participants in the study were seven subject matter experts who are listed in Appendix D. Four participants were impact investing practitioners, primarily impact investing funds but also consulting, and three were academics with extensive research in the fields of collaborative governance, public policy and impact investing. The key results of the study include: that subject matter experts identified: access to stable financial capital, the need to build long-term collaborative relationships built on trust, and to build strong communication networks between stakeholders as the determining factors for impact investors to collaborate in Mexico. Subject matter experts identified that some of the ways that social institutions and stakeholders in Mexico can work together to induce impact-investing activities include: working collaboratively in a very small market for impact investments that can yield social and financial capital returns, working collaboratively to overcome the limitations of the impact investing sector in Mexico starting with lack of awareness, work collaboratively to alter the culture of “egotistic” competitiveness between stakeholders. The insights of subject matter experts regarding the effects that government intervention in Mexico has had on the collaboration of impact-investing in Mexico include: non-government stakeholders to work collaboratively with government policymakers to enact a legal framework for the workings of social entrepreneurship in Mexico, citizen groups that yield power over local politics must learn to work collaboratively with governments to obtain funding and other institutional supports and work consistently and over a long time range to bring government officials out of their silos. Recommendations for future research include studies which address why collaborative relationships don’t last longer and over a greater number of projects, specific actions processes, activities which contribute to improving the communication among stakeholders as well as specific recommendations regarding how to replicate the types of networks existing in other countries, what are the specific ways that Mexico’s impact investing industry can learn from impact investors outside of Mexico about collaboration between government and nongovernmental actors.
|Commitee:||Marjerison, Rob K., Baena, Cesar|
|School:||International School of Management (France)|
|Department:||Doctoral Business Studies|
|Source:||DAI-A 81/10(E), Dissertation Abstracts International|
|Subjects:||Finance, Business administration, Business education|
|Keywords:||Collaborative governance, Collective action, Impact investing, Socially responsible investing, Theory of change|
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